Hyundai Motor Q3 net profit drops 3%, well below estimates
24 October, 2022
South Korea's Hyundai Motor Co posted a 3 per cent fall in third-quarter profit on Monday due to a 1.36 trillion won ($906 million) provision to pay for costs related to engine quality issues.
Net profit dropped to 1.27 trillion won for the July-September period, compared with 1.31 trillion won in the same period a year earlier and a Refinitiv SmartEstimate of 2.4 trillion won drawn from 17 analysts. Revenue for the quarter jumped 31 per cent to 37.7 trillion won, just below the 36 trillion won analysts had expected.
Shares in Hyundai Motor, which together with affiliate Kia Corp is the among the world's top 5 automakers by sales, were down 2.4 per cent as of 0505 GMT, compared with a 0.95 per cent rise in the broader market KOSPI.
Source: www.channelnewsasia.com
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